One of the many changes to the real estate market as a result of COVID was mortgage forbearance. To recap, there was a temporary pause on some homeowners having to pay their monthly mortgage payments. The thinking behind this program was to give homeowners some breathing room during the height of the pandemic. A little over 7 million homeowners took advantage of the program. As the economy has recovered, most of these homeowners have left the program, but there are still over 1.5 million enrolled. With the end of the mortgage forbearance program, many buyers and sellers are left to wonder what impact this will have on the LBI real estate market and the national real estate market. My prediction? It will have little to no effect whatsoever.
In the LBI NJ real estate market, appraisal gaps can be tricky for buyers and sellers. The LBI NJ real estate market is rising, but some homes might not appraise at the sales price. With many homes receiving multiple bids, it is not uncommon for a buyer to overpay for a home. This blog post will discuss preparing for appraisal gaps in LBI NJ real estate and what you need to know about buying or selling your home if it does not appraise for the sales price.
Buying a home is one of the most significant decisions you will ever make. Long Beach Island NJ real estate offers many great options for potential buyers, but it can also be challenging to determine which ones are right for your needs. This blog post will cover 5 Reasons Long Beach Island is a Great Place to Buy a Home so that you can better understand the area and the LBI real estate market!
For those looking to buy a home in the Long Beach Island real estate market, affordability should be a topic that is well understood. Everybody is aware that prices have risen significantly over the last eighteen months or so. There is no denying that. In fact, in 2021 alone, the average price of a single-family home in the LBI real estate market has risen around 12.5%! This begs the question, are Long Beach Island homes no longer affordable? The short answer is no (but also yes for some buyers). While prices have risen, three factors help to keep a home on LBI affordable. They are:
There are lots of rumors about the Long Beach Island real estate market and where prices are heading. Nobody knows for sure where the market is heading, and all we can do is look at the current data and the past trends in the market. For those looking to enter into a transaction in the Long Beach Island real estate market, it is helpful to understand what is currently taking place and make the best predictions possible…based on the facts! For any buyer or seller, separating fact from fiction can be a job unto itself.
With home prices and home values increasing in the LBI real estate market since Spring of 2020, current homeowners in the LBI real estate market are likely sitting on a sizable equity position. While it is a “paper gain,” the knowledge of having made a good investment is always comforting, and there are some ways to take advantage of this newfound equity. With home values being so high in the LBI real estate market, there will likely be some tax consequences to some of the suggestions below, which is why it is essential to discuss any financial investment or alteration with a trusted financial planner and/or advisor. The options available to current LBI homeowners vary, but some of the most common are: